Nancy Dubuc has stepped down as CEO at Vice Media Group, following a five-year tenure.
Vice, which is currently looking for a buyer, joined the youth-skewing company in 2018 following a two decade-long stint at A+E Networks, where she rose to become CEO.
Her arrival at Vice followed a flurry of allegations against its founder Shane Smith, who subsequently stepped back from the company’s operations.
The firm has since faced ongoing challenges, as the allegations, advertising shifts and declining audiences hit its profitability. Vice said it would name new leadership “soon”.
The company is home to UK-based Gangs Of London producer Pulse Films, as well as the Vice TV network, the Vice Studios film & TV unit, a distribution arm and Refinery29.
It also owns agency Carrot Creative and fashion title i-D, but attempts to secure financial support have not yet resulted in a deal.
The company, valued in 2017 at $5.7bn, is now attempting to pitch itself to buyers at $1.5bn according to the Wall Street Journal, with Greek media outfit Antenna in talks over a potential deal. Existing backers include Disney, WPP and the Raine Group.
In a staff memo, Dubuc said: “It’s been an exhilarating five years since joining you at Vice, and I am incredibly proud of the important and long-lasting accomplishments we have made together.
She added: “We reduced overhead by half and yet improved the quality of our revenues through both increased profitability and growth of returning revenues. As we face new headwinds in the marketplace Vice is now less ad dependent, and our gross margins have more than doubled.
“Most important, while there’s still much work to be done, Vice is a more diverse and inclusive environment than ever.
“Today Vice has an incredible opportunity in the hands of a new management team who are looking to harness the businesses we built and grew and to lay the groundwork for the future. I know you are among the most resilient, creative, and determined talent in the business and your futures are bright and hopeful.”